We all know that downtown Austin has seen some explosive growth over the last decade. Developers have put up office towers and high rise condos, the bar scene has exploded, and lots of live, outdoor music gets pumped into the night. (Not always to the pleasure of the neighbors.)
But there have been problems in the middle of all that energy: an ongoing homeless presence, a need for noise control, and a lack of affordable housing on site for the people who actually work downtown.
This is an area with vast economic potential. We are talking serious numbers:
- An assessed value of $4.3 billion,
- Downtown tax revenue of almost $75 million,
- Private investment in the neighborhood of $1.5 billion to $2 billion,
- And additional investment by…